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In a hire purchase agreement, the two parties to the agreement are the hirer and owner. The owner lets the goods on hire for a specified period of time with a provision for payment of rentals at regular intervals including an option to buy the goods at the end of the period.
Contents of hire-purchase agreements under Section 4 of the Hire-Purchase Act. The price of the goods to be hired as agreed by the parties. The said cash price of the goods, at which the goods are to be purchased by the hirer for cash. The exact date on which the agreement shall be deemed to have taken place.
(Rupees ), will be received by the FIRST PARTY from the SECOND PARTY, at the time of registration of the Sale Deed, the FIRST PARTY doth hereby agree to grant, convey, sell, transfer and assign all his rights, titles and interests in the said portion of the said property, fully
A hire purchase (HP) agreement is a credit agreement. With hire purchase you hire an item (a car, a laptop, a television) and pay an agreed amount in monthly payments. You do not own the item until you have made the final payment. Personal Contract Plans (PCPs) are a type of hire purchase agreement.
Any purchase agreement should include at least the following information:The identity of the buyer and seller.A description of the property being purchased.The purchase price.The terms as to how and when payment is to be made.The terms as to how, when, and where the goods will be delivered to the purchaser.More items...?